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Optimizing the Digital Relationship between Diverse Entrepreneurs and Community Financial Institutions
Overview
A coalition of Chicago-based Community Development Financial Institutions (CDFIs) and business support organizations sought to enhance the digital experience for the city’s diverse entrepreneurs, focused mainly on micro-enterprises and small businesses that are often disconnected from the resources and support they need. Our goal was to create a user-friendly, portable platform to facilitate engagement among diverse users and streamline data-sharing across 80 service providers. This initiative aimed to improve how business goals are collected, share background information, and address shifting business needs.
Overview
A coalition of Chicago-based Community Development Financial Institutions (CDFIs) and business support organizations sought to enhance the digital experience for the city’s diverse entrepreneurs, focused mainly on micro-enterprises and small businesses that are often disconnected from the resources and support they need. Our goal was to create a user-friendly, portable platform to facilitate engagement among diverse users and streamline data-sharing across 80 service providers. This initiative aimed to improve how business goals are collected, share background information, and address shifting business needs.
Deliverables
Data Capture Survey for Business Support Organizations
Entrepreneur Cohort Refinement, Interviews, and Focus Groups
Co-Design Charrettes
Wireframe Development
Assumptions + Considerations
Challenges
The coalition faced the challenge of developing an online platform that could meet the needs of a diverse range of entrepreneurs while also providing value to the business support organizations that serve them. The platform needed to be intuitive and accessible to early-emerging entrepreneurs while being robust enough to support data-sharing and collaboration among multiple service providers. In parallel, there remained historical rifts in institutional trust - whereby entrepreneurs needed to be more open to sharing financial data or accustomed to running their businesses without the formality required for institutional capital. Our challenge was to balance these needs and create a solution that would encourage sustained engagement and support the growth of Chicago's entrepreneurial community.
Approach
The coalition faced the challenge of developing an online platform that could meet the needs of a diverse range of entrepreneurs while also providing value to the business support organizations that serve them. The platform needed to be intuitive and accessible to early-emerging entrepreneurs while being robust enough to support data-sharing and collaboration among multiple service providers. In parallel, there remained historical rifts in institutional trust - whereby entrepreneurs needed to be more open to sharing financial data or accustomed to running their businesses without the formality required for institutional capital. Our challenge was to balance these needs and create a solution that would encourage sustained engagement and support the growth of Chicago's entrepreneurial community.
Results
The project resulted in a revitalized online platform that significantly improved the user experience for entrepreneurs and streamlined data-sharing for service providers. The renewed concept and wireframe development ensured that the platform was both accessible and effective, fostering sustained engagement among diverse users. We appreciate the support of J.P. Morgan Chase’s Advancing Black Pathways Initiative in financing this project.
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